₦airaland Forum

Seems the Corporate Disclosure site is down

pluto09:
You don't pay CGT each time you sell.
You wait for the year end and file your returns.

Please note that there is so much confusion emanating from the tax law itself and the guy Taiwo Oyedele. Besides, he has never been completely transparent and truthful regarding the tax law and its implications.

For clarity, your statement only applies to if the proceed of sale remains with your broker. It does not apply if you’re withdrawing after sales within the tax year. The tax is immediately triggered the moment you try to withdraw your sales proceeds once either of the threshold is met from 1st Jan, 2026 and it does not matter whether it happened within the first month of the year!.

He has repeatedly said they would work with the brokers, Ngx and CSCS and even our bank acs through our bankers to track/ monitor stock accounts transactions, and other credits and possibly debit tax or raise tax advice as the case may be, while also saying at different times that people will be expected to keep their own records and file their tax returns at year end. Recall the prostitute example he gave at a church event.

I am just happy that even though majority of the players in the market do not really understand the law, the few who does have and control huge stake in the market rejected it loudly through their massive dumping which sent a clear message and the resultant reaction from Wale Edun.

Fred2020:
Taiwo Taiwo!!

Why did he have to wait for the market to take a beating over several days before providing clarification on the law.

This is why younger people are not investing. The NSE trading like a crypto coin!

What he did was not to provide clarification. He was forced to change his mouth and backtrack from his earlier position.
He had earlier insisted that the law would be applied retrospectively and also dismissed the concerns of local and international investors at a meeting organized by SCB

awesomeJ:
I didn't get this quickly. I was like abi it's ARADEL he's saying??

abi sboga has influenced his writing??.

But I later reckoned Aradite is like a glue.

So Akagum yeah.

Of course. Why pay N20m to the government in a year for them to loot. When I can either give N10m to 2 people each and likely change their lives or commit to supporting people with their bills 100k at a time, i'd be able to give 200 such supports in a year.


And in a few more years, I will even be thinking of N200m in potential taxes not N20m, imagine how many people I can impact per year. Cos government won't help them as much.

You gerrit bro, if don't gerrit forget it mehn!

Well, you are very right, trust is an issue here. Why give my money to an institution that I know will not manage it properly but loot it rather.
It was only when Wike met his march that he started saying 'this country belongs to all of us' did he forget that when he was demanding for a whopping #25b monthly from the resources of over 10m people?
Disclaimer: I read this information from a newspaper o!

awesomeJ:
Taxing 1% on sales could be taxing investor's capital which is worse.
They already take 0.3% through the SEC, taking it to 1.3% is like a 333% hike, worse than the 200% hike on CGT, and it won't be avoidable like CGT is.

There is already commission on sales, so my point is they may review that one a little bit, if necessary. It may even be .025% or 0.5% or .001% etc

Hello, how is everyone doing? This week has been a fantastic week for me already, it's Thursday closing in early and jumping on my jet for the weekend. I posted a proposal earlier today and on one has responded to it but anyways I'm hopeful you guys do. Have a great weekend.

@karltom has yabbed Agba, now he's been banned.

Small bear that he advocated for, you decided to turn on him.

yMcy56:
If it's 1%, I also believed it will make more money for the govt because people won't even mind or bothered about it.

If 1% is too high, they can still raise good money by making it 0.5% or 0.3% etc.

8

sophy17:
Please note that there is so much confusion emanating from the tax law itself and the guy Taiwo Oyedele. Besides, he has never been completely transparent and truthful regarding the tax law and its implications.

For clarity, your statement only applies to if the proceed of sale remains with your broker. It does not apply if you’re withdrawing after sales within the tax year. The tax is immediately triggered the moment you try to withdraw your sales proceeds once either of the threshold is met from 1st Jan, 2026 and it does not matter whether it happened within the first month of the year!.

He has repeatedly said they would work with the brokers, Ngx and CSCS and even our bank acs through our bankers to track/ monitor stock accounts transactions, and other credits and possibly debit tax or raise tax advice as the case may be, while also saying at different times that people will be expected to keep their own records and file their tax returns at year end. Recall the prostitute example he gave at a church event.

I am just happy that even though majority of the players in the market do not really understand the law, the few who does have and control huge stake in the market rejected it loudly through their massive dumping which sent a clear message and the resultant reaction from Wale Edun.

I don't think is correct to say that tax will be triggered once you withdraw your money. There is no way they will know what your profit is.
For an individual,the CGT is treated as PIT and is collected by state government. Some states with weak system for IGR collection might not even get to tax the CGT.

https://www.youtube.com/watch?v=WSIL_qSNxW8

Midday trade update on the NGX

PETERiCHY:
SMART TRADERS don't BUY the DAMAGE CONTROL.
CASH IS KING,,
USD IS PREFERABLY
SHARPEN YOUR CUTLASS &
STAY FOCUS 🎯 .


BARGAIN HUNTERS TAKE NOTE!

After a DEAD CAT BOUNCE, Next is
GOOD BYE JANET


BARGAIN HUNTERS TAKE NOTE!

Someone should please supply NAHCO with 100k units to officially move the price🤲🤲. FBNH just dey in a league of its own. E no go front, e nor bear. Just stagnant. When ote$ go remember we his fans? 🌚🌚

Fred2020:
[b]The law is reasonable [/b]in my opinion, but he should have been proactive in clarifying the small details.

In his conversation with Channels TV, he claimed he had provided details to key investors over several Teams call.

As someone who only recently left consulting he likely has minimal stake in the equities market due to potential conflict of interest checks they do for new clients.

His handling of the issue has been very naive

How is paying CGT of 25%-30% CGT reasonable?
Are you saying the reaction of the whole capital market that rejected it was wrong or unreasonable?

PETERiCHY:
After a DEAD CAT BOUNCE, Next is
GOOD BYE JANET


BARGAIN HUNTERS TAKE NOTE!

My first time of seeing Agba and Peter on same band wagon. I thought they used to be water and oil that can never mix. Oga na we ask you to sell-off?

PETERiCHY:
After a DEAD CAT BOUNCE, Next is
GOOD BYE JANET


BARGAIN HUNTERS TAKE NOTE!

We dey wait for u to come tell us how u bought at the bottom of the whole thing. You better sell that ur dollars walahi.
The banks are increasing the quarterly bench mark on naira card.GTbank is now 6k dollars. Aboki people are now complaining of low patronage for Exchange on the street

I simply mentioned SpaceX

NL BOT is overreacting...

awesomeJ:
@karltom has yabbed Agba, now he's been banned.

Small bear that he advocated for, you decided to turn on him.

Live Is Life.

..double post

mikeapollo:
How is paying CGT of 25%-30% CGT reasonable?
Are you saying the reaction of the whole capital market that rejected it was wrong or unreasonable?

Exemption at portfolio of N150M or less which he said is over 90% of the market participants according to him.......no CGT payable at all.

For larger holder many groups are exempted including PFAs, REIT and others..also loss can be carried forward use to offset gain.

Third, the based period is Dec 2025.

This sounds reasonable in my opinion. Personally the only issue is that makes CGT higher than CIT (@25% in the new tax act) but the exemptions are quite broad

I think the capital market reaction was driven by a lack of clarity which he has now provided

mikeapollo:
What he did was not to provide clarification. He was forced to change his mouth and backtrack from his earlier position.
He had earlier insisted that the law would be applied retrospectively and also dismissed the concerns of local and international investors at a meeting organized by SCB

I also recall this...but he denied it on Channels TV claiming it was to be based on Dec 2025 position.

@mPEACE, maybe try selling your cement now

Fred2020:
Exemption at portfolio of N150M or less which he said is over 90% of the market participants according to him.......no CGT payable at all.

For larger holder many groups are exempted including PFAs, REIT and others..also loss can be carried forward use to offset gain.

Third, the based period is Dec 2025.

This sounds reasonable in my opinion. Personally the only issue is that makes CGT higher than CIT (@25% in the new tax act) but the exemptions are quite broad

I think the capital market reaction was driven by a lack of clarity which he has now provided

What he has done now is never clarity. It is a complete change of decision or initial announced plan.He deserves to be sack because he lacks knowledge
He refused to accept all voices of wisdom till reality happened on ngx

awesomeJ:
@mPEACE, maybe try selling your cement now

Lol. I need to sell on full bid

Mpeace:
Lol. I need to sell on full bid

Okay someone seems to buy loading sha. About 3m million units now

Fred2020:
Exemption at portfolio of N150M or less which he said is over 90% of the market participants according to him.......no CGT payable at all.

For larger holder many groups are exempted including PFAs, REIT and others.. also loss can be carried forward use to offset gain.

Third, the based period is Dec 2025.

This sounds reasonable in my opinion. Personally the only issue is that makes CGT higher than CIT (@25% in the new tax act) but the exemptions are quite broad

I think the capital market reaction was driven by a lack of clarity which he has now provided

The exemption of N150m is nothing ''reasonable'' because investors are not paying any CGT right now, even if the portfolio is N500m or N1billion. So why should N150m be a plus or credit to this new law?
And how does one ''carry forward'' a loss to offset gain, because the CGT is charged per stock? So you have to offset the loss in GT against the gain in the same GT and so on. if someone made a loss in GT, he cannot offset against the gain in Zenith, until when he is able to buy and sell the same GT in the same year or maybe in the following year. So one may never be able to offset the loss against gains because investors sell and buy different stocks that give them better returns,

mikeapollo:
The exemption of N150m is nothing ''reasonable'' because investors are not paying any CGT right now, even if the portfolio is N500m or N1billion. So why should N150m be a plus or credit to this new law?
And how does one ''carry forward'' a loss to offset gain, because the CGT is charged per stock? So you have to offset the loss in GT against the gain in the same GT and so on. if someone made a loss in GT, he cannot offset against the gain in Zenith, until when he is able to buy and sell the same GT in the same year or maybe in the following year. So one may never be able to offset the loss against gains because investors sell and buy different stocks that give them better returns,

The bolded is not correct.

You can use gains in any one stock to offset in another stock as long as they're both nigerian companies, listed or not.

Abeg to real investors now that CGT issue has been resolved to high margin. How long do u guess it will take market to get Back whr it was before it began to paint red.If those who come to play short time in the market not daily traders then cash out decide to pull out.It will not make difference in the market. The government does not really recognise them as investors. They see the market as bet for cash out so what ever percentage they pay for cash out is no longer our business. IF they succeed in any percentage reduction good for them.Even betnaija is not cheap and comes with alot of risk.

Will it take another 2 weeks to get back whr reached,less or more is what I am looking out to see.So I will take yesterday as starting point
We watch and see

PETERiCHY:
After a DEAD CAT BOUNCE, Next is
GOOD BYE JANET


BARGAIN HUNTERS TAKE NOTE!

You and Agba have missed it again.
There are different ways to eat a hot yam.
God used this CGT bears to make Xmas Ram available for Loco.
In conclusion,bull and bears gives awesome reward to those who carefully follow the market without fear.

awesomeJ:
The bolded is not correct.

You can use gains in any one stock to offset in another stock as long as they're both nigerian companies, listed or not.

Okay, I stand to be corrected. Will re confirm because the issue had been discussed here in the past.

Oga nosa2, oga agba is wrong again today
Tomorrow he is likely to be wrong again
AsI must must touch back 150 k by this government standard

Streetinvestor2:
Oga nosa2, oga agba is wrong again today
Tomorrow he is likely to be wrong again
AsI must must touch back 150 k by this government standard

Its not about being right or wrong na. We are all here to make money. I don disagree with oga Agba on practically all my buy decisions since I returned to the NGX but I still value his "wrong" analysis. He forces me to double check my theories before I buy. So to me his "wrongness" is very valuable